Park Village Auctions has confirmed the sale of all three notorious Gupta-owned mansions in Saxonwold for a combined R34.5 million, almost half their original valuation.
As reported by BusinessTech, the properties at 3, 5, and 7 Saxonwold Drive, along with their contents, were initially valued at R64.5 million.
The final sale price represents a 47% discount, or R30 million less than their combined pre-sale worth.
Gupta mansions finally sold
The sales form part of the business rescue process for Confident Concept (Pty) Ltd, one of several Gupta-linked companies mired in legal and financial trouble.
The company was in dispute with the City of Johannesburg over unpaid rates and taxes amounting to R726 695 in 2022, while facing other litigation alongside related entities.
A Supreme Court of Appeal ruling ordered that Confident Concept’s assets go under the hammer. Only one of the three mansions, No. 3 Saxonwold Drive, sold at the public auction in July, fetching R3.3 million, 40% below its R5.5 million valuation.
The other two properties failed to attract buyers at auction and were later sold privately.
Park Village Auctions confirmed that the Business Rescue Practitioners (BRPs) have accepted the final offers, with all securities in place.
Would you have purchased any of these houses if you could?
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